IHOP Corp. Reports Profit of $2.26 Million

IHOP Corp., the Glendale-based operator and franchiser of International House of Pancakes restaurants, said its first-quarter profit surged 57%, to $2.26 million from $1.44 million a year earlier.

For the three months that ended March 31, IHOP's revenue, derived mainly from franchise fees and royalties, increased 9%, to $32.8 million from $30.2 million in the same quarter a year earlier. Systemwide, IHOP's restaurant sales grew 17%, and same-store sales were up nearly 4% in the first quarter. The corporation opened 10 restaurants in the first quarter, and now has 579 restaurants, most of them operated by franchisees.

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